BPS News & Events

June 30, 2022

Legislative Update: Manufacturers’ property taxes go down!

On June 15, the SC General Assembly passed legislation to lower the assessment ratio for manufacturers from 10.5% to 6% to provide property tax relief to manufacturers. The lowering of the ratio affects a company’s property tax liability which is calculated as follows: Property Value * Assessment Ratio * Local Millage Rate. The assessment ratio…

May 31, 2022

Retirement Plan Startup Costs and Small Employer Auto Enrollment

In December 2019, the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) was signed into law. This act allowed eligible employers to add an auto-enrollment feature to their plan and claim a tax credit of $500 for three years for the ordinary costs of starting a SEP, SIMPLE IRA or qualified plan. Eligible…

May 31, 2022

Weighing Options For Your Company Vehicles

When it comes to business travel there are several options a company should review when deciding what is best for the company and the employees. Not only should you consider costs and tax reporting, but also company image and the administrative burden. In this article, we will go through the available options along with a…

May 31, 2022

Making Strategic Alliances Work: What Is A Strategic Alliance?

This is part one of a four-part series of articles about strategic alliances. In this article, we will explain what strategic alliances are and provide a few examples. The following additional issues will be covered in subsequent articles: Part two: Proper Strategy and Aligned Structure Part three: Clear Governance Rules Part four: Monitoring One of…

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